ICICI Direct recommended hold rating on Hindustan Zinc with a target price of Rs 300 in its research report dated February 13, 2017.
ICICI Direct's research report on Hindustan Zinc
HZL broadly reported an in line performance for Q3FY17. On the back of the recent strength witnessed in zinc prices, we have upward revised LME zinc estimates to US$2300/tonne for FY17E (from US$2250/tonne earlier) and to US$2750/tonne for FY18E (from US$2400/tonne earlier). We value the stock at 7x FY18E EV/EBITDA and arrive at a target price of Rs 300. We have maintained HOLD rating on the stock.
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